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1. Appraisal. An estimated amount given by an expert (appraiser) to determine the value of the home. Sellers often get an appraisal to determine an accurate listing price, while buyers are ...
A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [1] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller ...
Here are 15 real estate terms you need to know. Real Estate Agent. Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction. Agents are ...
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental ...
Lis pendens. In United States law, a lis pendens (Latin for 'suit pending' [1] ) is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of ...
Unless you’re a licensed real estate agent, you’ve probably smiled blankly and nodded at a word you didn’t understand while house hunting (or watching Selling...
Traditionally, when a home seller hires a real estate agent to represent their listing, the seller agrees to pay a commission. The national average is about 5 percent of the home’s sale price ...
Property law. Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. If a neighbor's excavation or excessive extraction of underground liquid deposits ( crude oil or aquifers) causes subsidence, such ...